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Am I better off renting or buying a home? - revisited

About a year ago, we took a look at one of the biggest questions in property, whether to rent or buy. We now revisit this debate to examine whether the property market has changed over the last 12 months and how this might impact you if you were thinking about renting or buying a property.

The debate continues

If you’re following the rent vs buy debate, the rental property argument has nudged slightly ahead of the ‘buying property’ alternative in some parts of Australia, according to AMP Capital’s Head of Investment Strategy and Chief Economist, Shane Oliver:

“The picture hasn't really changed that much – except in cities like Sydney and Melbourne, where property price growth has been very strong (making buying more expensive) and growth in rents has been relatively soft – so the case in favour of renting (and investing) over buying has actually strengthened.”

To invest or not to invest

So, you might be wondering whether or not it’s still a good idea to invest in property. You might also be thinking that you would love to buy a house, but you can’t afford to just now. So one option might be to rent in the suburb you want to live in, and buy a property (in a more affordable suburb) as an investment.

But like all property investment decisions, you’ll need to consider your personal situation, your goals and the risks you want to take. You also need to be comfortable about whether you’re making a lifestyle or a financial decision and what’s important to you.

What are the options?

Here are some things to think about if you’re considering renting or buying:

Renting benefits

Renting downsides

Buying benefits

Buying downsides

What’s right for you?

Before you make any investment decisions, we recommend you do your research.

If you want to invest in property, here's a handy Q&A for frequently-asked questions or use AMP's borrowing power calculator or cost of home loan calculator to help you work out how much you’ll need to borrow.

Whatever you decide, consider seeking our professional advice to guide you through the maze of investment options available.

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